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How one of Japan’s largest insurers is pivoting to serve an aging population
Sompo Holdings, a leading global insurance provider, is undergoing a significant transformation under Group CEO Mikio Okumura.
The company, with operations in 28 countries, has restructured into two main segments: Sompo Property and Casualty (P&C) and Sompo Wellbeing.
“The integration between Sompo Japan, Sompo International, we hope they can improve resilience. They can utilize balance sheets wisely, so they can improve risk-taking capability,” Okumura told CNBC’s Christine Tan in the latest episode of Managing Asia.
Okumura hopes the restructuring will help the company to compete more effectively on the world stage against insurance giants like Allianz and AIG.
In addition to its core insurance operations, Sompo has expanded its focus to include nursing care, recognizing Japan’s aging population as a key challenge.
“People, they have a lot of anxiety about aging society. We believe the demand of nursing care is increasing. So that’s why we decided to enter nursing care business seven years ago,” Okumura said.
Watch the video above to learn more about Sompo Holdings’ transformation, how the company is innovating in elder care and its plans for future growth in the global insurance market.
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